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May Home Prices Off Record

Orange County home prices inched down from a record high in May, though the number of sales in the county showed a modest increase from a month ago, according to a report Tuesday.

The median price for a detached OC home sold in May was $724,260, down 1% from April, according to the California Association of Realtors. April’s $729,370 median price was a record for OC.

May’s median sales price was up 2.9% from a year earlier, well below the double-digit gains that have been common during the past few years.

The pace of OC home sales picked up in May, increasing 8% from April. But the sales of detached homes in the county were off 21% from a year earlier.

The realtors association excludes condominiums from its figures.

Including condos, the median price of a home sold in OC was $635,000 in May, up 8% from a year earlier, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.

The statewide May median price of a detached California home was $564,430, up 0.5% from April, and an increase of 8% from a year ago, the California Association of Realtors reported.

Statewide sales were down 21% in May from a year earlier, the same decline seen in April.

The median number of days it took to sell a single-family home in California was 44 days in May, an increase of two days from a month ago, and up 17 days from a year ago.

Laguna Beach had the state’s highest median home price in May, at $1.7 million. Newport Beach was the fourth-priciest city in the state, at $1.3 million.

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Mark Mueller
Mark Mueller
Mark is the Editor-in-Chief of the Orange County Business Journal, one of the premier regional business newspapers in the country. He’s the fifth person to hold the editor’s position in the paper’s long history. He oversees a staff of about 15 people. The OCBJ is considered a must-read for area business executives. The print edition of the paper is the primary source of local news for most of the Business Journal’s subscribers, which includes most of OC’s major corporate and community players. Mark’s been with the paper since 2005, and long served as the real estate reporter for the paper, breaking hundreds of commercial and residential real estate stories. He took on the editor’s position in 2018.
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